You can set up your payrolls without any hassle in QuickBooks by these simple steps. You will be allowed to start running your payrolls with in just a few minutes. In order to set up your payroll account, you need to follow these steps:-
- Configure payroll rules of your company
- Set up your masters & payroll elements
- Create IDs of the employees
Configuring payroll rules of your company – On the header of your QuickBooks screen, click on the “Gear” icon and now you will get access to the Payroll Settings. Now, you can see all the settings to configure on the left side menu. Now enter the statutory registration number in the field provided and upload the logo of your company. Your logo will be seen in the employee pay slips and other reports that are generated by the QuickBooks.
You can skip those sections if you are not applicable for compliance. In that case, you can enter whatever is relevant for your company. The information such as Personal details, authorized signatory name, and designation will be automatically filled in all tabs if you’ve entered the same in the first tab. With the comprehensive set of features, you are able to manage end-to-end payrolls.
Set up you payroll elements – You can draw various reports from the parameters such as designation, departments, cost centers in the master section in QuickBooks payroll. You can set up the master section without ado by just using the pre-defined spreadsheet templates to cover and import all masters at once.
Under the payroll settings, you will find a salary component tab which will help you in managing your payroll earnings, reimbursements, statutory components, deductions, and overtime. You can specify each component across various features such as type of calculation, effect on CTC fixed or variable, dependency and taxability.
You account is not only pre-configured with the most commonly used statutory and pay elements but also these were mapped in the same ledger of the chart of your account. Now you are ready to run payroll and the payroll journal will automatically get posted to your book of accounts with no time-wasting and no manually posting required.
Creating IDs of the employees – This last step before running the first payroll is also quite simple. You can create the employee ID by just clicking on Add+ button. You can also download the spreadsheet template and fill the details and then import it to the QuickBooks.
The template gets created with those master lists, leave names and pay components that you have created earlier. That is a real tailor-made template you get.
In QuickBooks payroll account, most of the data inputs can be done through spreadsheets including employee week, holiday lists, legacy salary sheets, employee data edits, pay details edits, employee tax declarations, etc. By this feature you can save tons of time and you can keep your on-boarding experience really simple.
That’s it, and now you are ready to run your first payroll.